Should you Really Worry About Getting Identity Theft Protection Service?

You must be hearing that every year number of identity theft victims has been rising exponentially. There are already millions of identity theft victims so far. With “Nobody is spared” situation, you are as much likely as anybody else. As you can not ignore the possibility of your identity theft, you are left with two ways either to protect your identity yourself or hire professional service in this regards.

What Statistics says?

It is claimed that the identity theft is the fastest growing crime. It is worldwide but more prevalent in developed countries. Considering details of USA for year 2006 only, there were close to 10 million people were victimized fro their identity theft. You can compare it with figures of year 2004 to find that the number of victims has grown almost 10 times. The striking fact of the identity theft report shows in most of the cases the thief comes out to be a relative or a friend of victim. On an average identity victim loses around $500. If you are lucky, you may not pay anything as most companies no longer hold customer you accountable for any charges made through identity theft. At the same time you should not feel sheltered from statistic only as you can be the ‘unfortunate’ to lose much more in some worst situations. Statistics also warn that with the continuous changes in the cases of identity theft, you can not fully assured by the companies providing identity theft protection service.

What is offered under ‘Identity theft protection service’?

1. Tracking of credit report, police report, medical records 2. Alert in case any suspicious activity shows up 3. Assistance in the process of clearing credit through financial formalities

While you are seeking assistance from the company, the company may require some sensitive information from you.

Different plans offered for Identity Theft Protection

The basic of all plans is “Tracking of credit report & alert in case suspicious transactions” Some companies offer basic service while some offer in-depth service.

• Under the basic plan you will receive alert whenever there is a new account is opened or a new inquiry appears on your report. You can get this basic plan free from many lenders.

• More detailed plan for identity theft protection – you are charge a fee: This plan includes monthly reports (against yearly report in basic plan) and counseling services. Some companies also cover of out-of-pocket fees in case you fall victim to identity theft.

• There are also comprehensive plan available which covers each & every cost consumer incur through identity theft. Obviously these plans charge much higher fees.

With all this information, you will be in a better position to decide if you should pay for identity theft protection or just being careful is sufficient.